The Federal Bureau of Investigation (FBI) has issued a serious warning regarding a significant increase in tech support and government impersonation scams, with a particular focus on victimizing seniors.

The scammers pressure victims to convert their assets into cash or invest in precious metals, masquerading as a means to protect their financial holdings. The consequence has been an alarming aggregate loss exceeding $55 million from May to December 2023 alone.

“The FBI is warning the public about scammers instructing victims, many of whom are senior citizens, to liquidate their assets into cash and/or buy gold, silver, or other precious metals to protect their funds. Criminals then arrange for couriers to meet the victims in person to pick up the cash or precious metals. From May to December 2023, the FBI Internet Crime Complaint Center (IC3) saw an uptick in this activity with aggregated losses of over $55 million.”

FBI Said

Once victims obtain the cash and/or precious metals, the scammers send couriers to retrieve the items at victims’ homes or public locations.

Scammers may direct victims to authenticate the transaction with the courier using a passcode, such as the serial number of a US dollar bill. Scammers tell victims they will safeguard the assets in a protected account on behalf of the victims. In reality, victims never hear back from the scammers and lose all their money.

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Tips to Protect Yourself

  • The US Government and legitimate businesses will never request you purchase gold or other precious metals.
  • Protect your personal information. Never disclose your home address or agree to meet with unknown individuals to deliver cash or precious metals.
  • Do not click on unsolicited pop-ups on your computer, links sent via text messages, or email links and attachments.
  • Do not contact unknown telephone numbers provided in pop-ups, texts, or emails.
  • Do not download software at the request of unknown individuals who contact you.
  • Do not allow unknown individuals access to your computer.
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Report It

The FBI requests victims report these fraudulent or suspicious activities to the FBI IC3 at as quickly as possible. Be sure to include as much transaction information as possible:

  • The name of the person or company that contacted you.
  • Methods of communication used, including websites, emails, and telephone numbers.
  • Any bank account number(s) to which you wired funds and the recipient name(s).
  • The name and location of the metal dealer company and the account to which you wired funds, if you were instructed to buy precious metals.

Victims aged 60 or over who need assistance with filing an IC3 complaint, can contact the DOJ Elder Justice Hotline, 1-833-FRAUD-11 (or 833-372-8311).